“After failing to win war against India’s open internet with cheap tricks of free basics, Facebook is again in play. Killing beautiful open UPI system with its custom close garden implementation. I am surprised, champions of open @India_Stack, let it happen!” Sharma had written in the tweet.

After failing to win war against India’s open internet with cheap tricks of free basics, Facebook is again in play.
Killing beautiful open UPI system with its custom close garden implementation.
I am surprised, champions of open @India_Stack , let it happen ! https://t.co/wIsNuF1AiB

WhatsApp trial service launched in India last week does not require a log-in session and Aadhaar-based payments. Owned by Facebook, WhatsApp boasts a monthly user base of 200 million in India and its entry into the country’s digital payment space threatens to upend the pecking order.

“Facebook is openly colonising our payment system and is customising UPI to their benefit. UPI was built as an India Stack, now some American monopoly arm-twists UPI for customer implementation,” Sharma told the Economic Times.

Sharma added that lack of a login makes WhatsApp payments a security risk, akin to giving an “open ATM” to everyone.

WhatsApp did not respond to Sharma’s remarks, other players such as MobiKwik and PayU flayed the Paytm founder.

Bipin Preet Singh, CEO and founder of Mobikwik tweeted, “All incumbents complaining about WhatsApp getting unfair advantage in its UPI implementation to further its business interests — Those who live in glass houses … there is clear record of private companies who got access first and exclusively when UPI was launched.”

All incumbents complaining about Whatsapp getting unfair advantage in its UPI implementation to further its business interests – “Those who live in glasshouses, ……. “ . There is clear record of private companies who got access first and exclusively when UPI was launched.1/n

Those complaining abt Whatsapp are the same folks who refuse to entertain neutral payment options(like @MobiKwik )on their own ecom websites/apps and instead promote only captive wallets. A standard of interoperability should incl wallet acceptance as well 2/n

Kunal Shah, co-founder of Freecharge, also backed the American company with this post on Twitter: “All companies threatened by WhatsApp payments are going to tag it as anti-national and try to pull it down as it is hard to win on merit against network effects of WhatsApp.”

All companies threatened by Whatsapp payments are going to tag it as anti national and try to pull it down as it’s hard to win on merit against network effects of Whatsapp.

This strategy worked for Patanjali and wonder if it will work for payment companies.

Meanwhile, Sharma’s comments did not go well with the Twitterati as well.

National Payments Corporation of India (NPCI) has said it has allowed WhatsApp to beta test its payments service with limited user base of one million and low transaction limit, reported PTI on Friday.

“Currently, NPCI has given its consent to roll out WhatsApp BHIM UPI beta launch with limited user base of one million and low per transaction limit. Four banks will join the multi-bank BHIM UPI model in phases (in the coming weeks) and full feature product shall be released after the beta test is successful,” NPCI said in a statement.

“Nice ! hope full obligation of BHIM like security and tx data sovereignty too will be implemented before full launch,” Sharma tweeted.

Nice !
I hope full obligation of BHIM like security and tx data sovereignty too will be implemented before full launch. https://t.co/P8vjvkzkgz

New Delhi: Need coaches for a marriage party or a religious tour? Now, it can be done online, according to instructions issued by the railway board. According to a circular by the Railway Board, booking of special trains, coaches, saloons on full tariff rate (FTR) shall now be booked through a “single window booking system” of the Indian Railway Tourism and Catering Corporation (IRCTC).

“Henceforth, any individual or party seeking to book trains/coaches on FTR shall approach the IRCTC and it will book trains/coaches online on behalf of the individual or party”, stated the circular issued earlier this month.

Currently, to book such coaches or trains, the concerned party had to go to the chief booking supervisor or station master of the station from where the journey would commence and provide a written request containing journey details for FTR booking.

After depositing the money, they would be given a receipt with a unique FTR number printed on it. The process was cumbersome, officials said, which necessitated the change.

Mostly special trains or coaches were booked by travel agencies taking parties for religious tours, by MNCs taking employees for trips, schools booking for educational tours and even individuals travelling with a large contingent, officials said.

However, now, a charge of five percent on the total fare shall be levied, over and above a 30 percent service charge on such bookings.

The railway has fixed a security deposit of Rs 50,000 per coach and for special trains a minimum of 18 coaches will be charged. The entire transaction in the new online system will have to be digital, the board has said.

The agency was probing if the allegedly defrauded bank funds were laundered and these proceeds of crime subsequently used by the accused to create illegal assets and black money.

Modi, 46, a regular feature on the lists of rich and famous Indians since 2013, was booked by the CBI, along with wife, brother and Choksi on January 31, for allegedly cheating the state-run PNB to the tune of Rs 280 crore.

The bank has sent two more complaints to the CBI on Tuesday, saying the scam was worth more than Rs 11,400 crore.

The CBI had earlier raided the residences of Modi, his brother, wife and Choksi, all partners of Diamond R US, Solar Exports and Stellar Diamonds and two bank officials — Gokulnath Shetty (now retired) and Manoj Kharat, who were also named in the FIR as accused.

“The public servants committed abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and a wrongful loss of Rs 280.70 crore to Punjab National Bank during 2017,” the CBI FIR has alleged.

The jewellery designer is a citizen of the country but his brother Nishal and wife Ami are not Indian nationals. They all left India between January 1 and 6, the CBI said.

]]>http://tllt.in/pnb-fraud-pmla-case-ed-summons-nirav-modi-mehul-choksi/feed/0More PNB Banches May Be Involved In $1.8 Billion Fraud; Bank Issues Note Of Cautionhttp://tllt.in/more-pnb-banches-may-be-involved-in-1-8-billion-fraud-bank-issues-note-of-caution/
http://tllt.in/more-pnb-banches-may-be-involved-in-1-8-billion-fraud-bank-issues-note-of-caution/#respondThu, 15 Feb 2018 06:14:48 +0000http://tllt.in/?p=7509New Delhi/Mumbai: Soon after the Punjab National Bank (PNB) – the country’s second-largest state-owned bank – detected fraudulent transactions over $1.77 billion (Rs 11,400 crore) at a single Mumbai branch, it has now written a warning note hinting that other banks could be affected. After yesterday’s startling discovery, reports now indicate that other branches of PNB could also be involved in the fraudulent act. Several bank officials are currently under the scanner of the Central Bureau of Investigation (CBI) as well.

It may be noted that the fraud is related to a lending procedure. It may be noted that PNB had earlier alleged that two employees had “fraudulently issued Letters of Undertaking (LoUs) and transmitted SWIFT instructions to overseas branches of Indian Banks” to raise buyers credit for companies linked with billionaire jeweler Nirav Modi, without making entries in the banking system.

Following the development, sources hinted that there more banks could be affected, and there could be more people – spread across branches – involved in the mega fraud. While Modi has “promised” to pay back the amount within five to six months, the case is getting murkier by the minute.

The CBI is also looking into the matter, as to how this illegal practice was carried out for so many years, without raising any alarm. While the investigative agency is now looking at the fraudulent transactions on the bank’s end, it is yet to initiate a full-fledged investigation on Modi, who is currently abroad. The Enforcement Directorate, on the other hand, has already initiated raids across Nirav Modi’s properties, including his Kamala Mills office.

This raises concern among banks in the country as past instances of such massive frauds are not new – be it Vijay Mallya or Winsome.

As of now, Punjab National Bank has written a caution notice to the MDs of other nationalised banks, where the bank has warned them of how Nirav Modi cheated them of crores. Punjab National Bank (PNB) has detected fraudulent transactions worth $1.77 billion at a single Mumbai branch in a case that could affect more banks and raise fresh questions about lending procedures at Indian banks mired in soured debt.

PNB, India’s second-largest state-run lender with assets of $120 billion, said in a regulatory filing that the fraud benefited “a few select account holders” and that it has reported the matter to law enforcement agencies.Last week, PNB had lodged an FIR with the CBI stating that fraudulent letters of undertaking (LoUs) worth Rs 280.7 crore were first issued on January 16. At the time, PNB had said it was digging into records to examine the magnitude of the fraud.

In the complaint, PNB had named three diamond firms – Diamonds R Us, Solar Exports and Stellar Diamonds – saying they had approached it on January 16 with a request for buyers’ credit for making payment to overseas suppliers. The bank sought 100 percent cash margins for issuing LoUs for raising buyers’ credit, which was contested by the firms, saying they had availed of the facility from as early as 2010.

Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi are partners in Diamonds R US, Solar Exports, and Stellar Diamonds, which has shops in foreign locations such as Hong Kong, Dubai, and New York. Based on these transactions, done by Nirav Modi’s brother Nishal, wife Ami and Mehul Chinubhai Choksi, other banks appear to have advanced money to these customers abroad.

The CBI has received two complaints from the PNB against Nirav Modi and a jewellery company alleging fraudulent transactions. Modi, whose jewellery creations are popular among global celebrities, may face a fresh CBI probe as the agency is looking at suitable legal action to be taken in the case.

He is already being investigated by the CBI for alleged cheating and fraud involving Rs 280 crore at a PNB branch. Among those named is a deputy manager, Gokulnath Shetty, who was posted at PNB’s foreign exchange department in Mumbai since March 31, 2010. He had allegedly along with another official Manoj Kharat fraudulently issued LoUs to these firms without following prescribed procedure or making entries in the banking system, avoiding detection of transactions.

“This (investigation) is a part of the cleanup drive that started with AQR (Asset Quality Review) in 2015. Post clean up, this is going to make banks clean forever, healthy, responsive and enable them to provide hassle-free banking to all honest borrowers,” Financial Services Secretary Rajiv Kumar said.

A senior official of a public sector bank said there is strict instruction from the finance ministry to all banks that no big fish should go scot-free and no honest borrower is harassed. Banks are now looking at their systems and processes so that such frauds are not repeated, he said, adding all banks have been asked to present a status report as soon as possible.

This could be the biggest banking fraud in India as its quantum was bigger than an estimated Rs 9,000 crore scam at erstwhile Satyam Computers.

In 2015, Bank of Baroda — another public sector bank — had brought to light a scam in which two Delhi-based businessmen cheated it of Rs 6,000 crore (slightly less than USD 1 billion at that time). Investigations revealed major irregularities, as the forex transactions were done mainly via advance remittances for import, through newly-opened current accounts. Heavy cash transactions — sometimes four or five times a day — were also noticed.

The Enforcement Directorate, under the revenue department of the finance ministry, had arrested the businessman duo under money laundering.

]]>http://tllt.in/more-pnb-banches-may-be-involved-in-1-8-billion-fraud-bank-issues-note-of-caution/feed/0How To Save Tax On Your Variable Payhttp://tllt.in/how-to-save-tax-on-your-variable-pay/
http://tllt.in/how-to-save-tax-on-your-variable-pay/#respondTue, 13 Feb 2018 06:49:22 +0000http://tllt.in/?p=7446A big fat salary can get reduced manifold after taxation. One way to hold on to the money from slipping away is by getting your salary restructured to pay more in terms of allowances and perquisites. Reimbursements such as travel expense and telephone bill and contributions to PF and ESI are tax free.

However, many companies indulge in making variable payments which are given out as bonuses and performance incentives. These are usually given out in the form of profit sharing, tangible gifts, incentives and financial support for higher education.

How variable salary is taxed?

The variable pay constitutes a significant part of the salary structure and is completely taxable in the hands of the employee, same as the fixed component. It is important for an employee to track the expected variable pay to ascertain the possible tax liability. Once you have got the estimates, here are some tax saving options you could explore to reduce your tax liability.

Clear off debts

First things first, if you have high interest debts in your books, you must use your variable income, especially the annual bonus, to clear off such outstanding amounts. It will not just save you a good deal of interest outgo but also ensure your CIBIL score is in place. You must prioritize on paying off personal loan and credit card debt as the interest rates are relatively high on these loans and there are no associated tax benefits. Student loan and home loan can follow. Also check on pre-payment charges before you get on to it.

Invest in tax-saving schemes under Section 80C

A lump sum amount always comes handy in making last minute investments to save taxes. You could enjoy exemptions up to Rs. 1.5 Lakh through investments eligible under Section 80C. Such investments include ELSS, PPF, five-year-long fixed deposits with banks and post office, tuition fees paid for up to two children. If you have a daughter who is less than 10 years of age, you can invest in Sukanya Samriddhi Scheme to earn an interest of 8.6% and avail exemption under Section 80C.

Invest in NPS

The national pension scheme (NPS) allows you to save another Rs. 50,000 over and above the Rs. 1.5 Lakh eligible under Section 80C. This scheme is covered under Section 80CCD (1b).

Buy health insurance

If you have not bought health insurance for yourself and family yet, you can use the variable pay to buy it. It can help you save taxes up to Rs. 60,000 if you are a senior citizen and are paying premium for parents who are senior citizens. This scheme is covered under Section 80D of the Income Tax Act.

Boost your corpus to buy a house

The home loans are relatively cheap now and it comes with an additional tax benefit of Rs. 50,000 for the first-time buyers. So, if your loan is less than Rs. 35 Lakh and your property costs less than Rs. 50 Lakh, you could get a deduction of up to Rs 2.5 Lakh on interest payment. So, if you have plans to buy a house, use your variable pay to increase the size of your fund to make down payment.

New Delhi: Honda Cars India Ltd. (HCIL) plans to launch an all-new SUV in the Indian markets in the Rs 12-15 lakh range as it finalises plans for the HR-V off-roader, the Times of India said in a report.

“It is (HR-V) one of Honda’s successful models across many markets and this is being studied for India. We are receiving a lot of enquiries… and are making an assessment. It can be one of the options for India as we reinforce our SUV portfolio here,” the TOI report quoted Yoichiro Ueno, president and CEO of Honda Cars India as saying.

The HR-V may be available in both petrol and diesel options —1.5-litre petrol and 1.6-litre diesel. “The market is shifting to SUVs and we are strongly following the trend,” the report quoted Ueno as saying.

HCIL, which has sold nearly 1.8 lakh cards last year, has lined-up three new cars over the coming year. It plans to launch an all-new Amaze, a complete makeover when compared to the outgoing model. The model will be the first to be launched and may be priced around Rs 5.5 lakh. It will come with engine options like 1.2-litre petrol and 1.5-litre diesel.

The new Amaze, which was showcased at the Auto Expo 2018, comes with several facelifts and seems to slightly mirror the premium Civic in terms of styling. The car also seems larger than the previous model, but the unique design seems to have the potential to woo buyers.

Apart from the Amaze, the company will also bring back two of its formidable models — the Civic premium sedan and the CR-V luxury SUV, the TOI report added. HCIL had phased out Civic in 2013 after sluggish demand, but the company now feels that its new generation version will give a leg-up to its numbers in the market.

“The Civic will be driven in later this year, and this will be placed over the City sedan,” the TOI report quoted Ueno as saying. The new Civic is expected to be priced around Rs 14 lakh, and will compete primarily with the Toyota Altis and Skoda Octavia. The model is expected to carry a 1.8-litre petrol engine and a 1.6-litre diesel.

The CR-V — though still available in a limited range — gets a fresh focus with the launch of the new-gen version, and will be unveiled in diesel for the first time ever. “We have been on the fringe of the luxury SUV market as we never had a diesel engine. Now, the new car will come with a 1.6-litre diesel while there will be a choice between a 2-litre and a 2.4-litre engine in petrol. It is still being finalised,” the TOI report quoted Ueno as saying.

New Delhi: Mumbai, India’s financial capital is the 12th richest city in the world with a total wealth of $950 billion, says a report by New World Wealth which ranks New York as the richest city in the world.

Total wealth refers to the private wealth held by all the individuals living in each city. It includes all their assets (property, cash, equities and business interests) less any liabilities. Government funds are excluded from the figures.

According to the New World Wealth report, Mumbai is followed by Toronto with a total wealth of $944 billion, Frankfurt ($912 billion) and Paris ($860 billion).

The report further said that Mumbai also features among the top 10 cities in terms of billionaire population as the city is home to 28 billionaires, individuals with $1 billion or more in net assets.

“Total wealth held in the city amounts to $950 billion. Mumbai is the economic hub of India. It is also home to the Bombay Stock Exchange, the 12th largest stock exchange in the world. Major industries in the city include financial services, real estate and media,” The Times of India quoted the report as saying.

Further, Mumbai is expected to be the fastest growing city (in terms of wealth growth over the next 10 years), the report added.

The list of 15 wealthiest cities was topped by New York with a total wealth of $3 trillion. “Home to the two largest stock exchanges in the world, areas around New York such as Connecticut and Long Island also contain a large amount of wealth that is not included in this figure,” the report said.

London ranked second in the list with $2.7 trillion, followed by Tokyo ($2.5 trillion), and San Francisco Bay area ($2.3 trillion).

Among the 15 cities listed, San Francisco, Beijing, Shanghai, Mumbai and Sydney were the fastest growing in terms of wealth growth over the past 10 years, the report said.

Notable cities that just missed out on top 15 include Houston, Geneva, Osaka, Seoul, Shenzhen, Melbourne, Zurich and Dallas, the report added.

]]>http://tllt.in/mumbai-12th-richest-city-globally-home-to-28-billionaires-new-world-wealth-report/feed/0Circle Rates Revised In Gurgaon After Four Years, Rates Effective Todayhttp://tllt.in/circle-rates-revised-in-gurgaon-after-four-years-rates-effective-today/
http://tllt.in/circle-rates-revised-in-gurgaon-after-four-years-rates-effective-today/#respondMon, 12 Feb 2018 06:02:31 +0000http://tllt.in/?p=7398New Delhi: After a gap of four years, the district administration has announced revision of circle rates in Gurgaon, which will be implemented from today (Monday), February 12, according to a report in the Times of India. Circle rate is the minimum price at which a property is registered when being transferred, and stamp duty from it is a major source of revenue for the government.

Circle rates in Gurgaon had remained unchanged in 2014-15 and 2015-16, before being reduced by 5 to 10 per cent over the past two years, owing to slump in the real estate sector. Realtors see the upward revision as an indication of revival of the sector.

Earlier, circle rates were revised once a year, but experts said a sustained slowdown in the real estate market has forced the government to fine-tune levies on real estate, the TOI report said

According to the TOI report, the new rates have divided the city into different areas. Every sector or colony has different rates, and for the first time, roads like Golf Course Road, MG Road, Delhi-Gurgaon expressway and Sohna road have been categorised as a separate circle with similar rates.

Circle rates for areas like Ambience island and Aralias have shot up, while it has remained mostly unchanged in areas like Ardee City, South City and Mayfield Gardens, the report further said.

Meanwhile, rates have increased in villages within city limits, while rates of flats and independent floors in new sectors have witnessed marginal change. Circle rates of commercial properties have increased significantly across the city, the report said.

“For the first time, circle rates will be applicable for as many as 15 colonies, which have been regularised and brought under MCG, and now properties in these areas can be registered,” the TOI report quoted Hari Om Attri, district revenue officer (DRO) as saying.

He added the administration has tried to rationalise prices of properties in different areas of the city.

“After years of slump and radical reforms like demonetisation and Rera, the real estate market is in revival mode. People have started buying houses and we’re expecting a rise in demand,” the TOI report quoted Rahul Singla, director, Mapsko Group as saying.

Ssumit Berry, managing director of BDI Group, said affordable housing is going to be the sunrise area in real estate. “Demand for affordable housing is expected to increase, as more and more end-users are buying homes,” TOI quoted Mr Berry as saying.

To keep real estate and land prices in urban and rural areas in tune with market rates, the Haryana government in December 2017 had decided to revise collector rates twice in a financial year, the TOI report further added. “Most likely, the next rate revision will happen mid-year,” TOI quoted the official as saying.

]]>http://tllt.in/circle-rates-revised-in-gurgaon-after-four-years-rates-effective-today/feed/013,000 Employees From Indian Railways To Face Termination, Here’s Whyhttp://tllt.in/13000-employees-from-indian-railways-to-face-termination-heres-why/
http://tllt.in/13000-employees-from-indian-railways-to-face-termination-heres-why/#respondSat, 10 Feb 2018 06:33:23 +0000http://tllt.in/?p=7363New Delhi: At least 13,000 Indian Railways employees, in various ranks, might face termination for “unauthorised” leaves for a long time, as the authorities have already initiated disciplinary action against them.

As per news agency PTI, the railways has identified more than 13,000 employees who have been away on long unauthorised leaves, and will be terminating their services, after launching a drive to improve performance of the organisation and boost the morale of dedicated employees.

“A massive drive to identify long-term absentees in various establishments of Railways has been initiated. As a result of the drive, more than 13,000 employees out of about 13 lakh employees were found to be on unauthorised absence for a long time,” the railways said in a statement.

The establishment has initiated disciplinary action under the rules to terminate the service of such absentees.

“Railways have instructed all officers and supervisors to weed out these employees from the employees’ rolls after following due process,” the statement stated.

The Indian Railways, albeit with a better Budget allocation than last year, is struggling to keep itself profitable with the advent of low-cost aviation in the country.

There are several other factors such as subsidised travel that has dug deep into the government’s coffers.

The cost of operation has historically been higher than the margins made by the largest mode of transport in the country. The government hopes to make the Railways profitable again and this seems to be the first step taken towards achieving the goal.

]]>http://tllt.in/13000-employees-from-indian-railways-to-face-termination-heres-why/feed/0Bloodbath At Wall Street Again: 1,000 Points Down Second Time In Weekhttp://tllt.in/bloodbath-at-wall-street-again-1000-points-down-second-time-in-week/
http://tllt.in/bloodbath-at-wall-street-again-1000-points-down-second-time-in-week/#respondFri, 09 Feb 2018 06:19:43 +0000http://tllt.in/?p=7326New York: US stocks have plunged more than 1,000 points for the second time this week and the stock market was now in a correction — 10 percent off its record high just two weeks ago, the media reported.

The Dow finished with a decline of 1,033 points or 4.15 percent to 23,860.46 on Thursday, the second-worst point drop in history, eclipsed only by Monday’s historic 1,175-point nosedive, reports CNN.

Analysts said the rising bonds yields dented investor sentiment. The country’s 10-year yield nearly surpassed a four-year high of 2.885 per cent in the morning trading on Thursday, a level that helped trigger a global sell-off in equity markets on Monday, reports Xinhua news agency.

On the economic front, in the week ending on February 3, the advance figure for seasonally adjusted initial claims was 221,000, a decrease of 9,000 from the previous week’s unrevised level of 230,000, the US Labour Department said on Thursday.

The four-week moving average was 224,500, a decrease of 10,000 from the previous week’s unrevised average of 234,500. This is the lowest level for this average since March 10, 1973 when it was 222,000.